The Regime of Depositary Under the Alternative Investment Fund Managers Directive 2011: French and Luxembourg Perspectives

Abstract

The Alternative Investment Fund Managers Directive 2011 requires every fund manager to designate a depositary for every fund it manages. This is the first time in the history of European alternative investment fund industry that an appointment of a depositary is obligatory across all Member States. We analyse the differences in the implementation of this regime in French and Luxembourg law. AIFM Directive, UCITS Directive, depositary